Nestlé Milkmaid shines at BestWeb.lk 2017 contest

Milkmaid bagged the Merit Award for ‘Best Advertising and Marketing by a Website’ at the recent BestWeb.lk 2017 Competition. Milkmaid shone brightly amongst the rest of the Food and Beverage (F&B) brands, as it was the only F&B brand to have won an award in the competition.  

Narendra Modi announces direct Varanasi-Colombo flight from August

Indian Express: Indian Prime Minister Narendra Modi, who is on a two-day visit to Sri Lanka, announced that from August this year, Air India will operate direct flights between Colombo and Varanasi.

Australia’s Crown Resorts quits Macau as Packer sells Melco stake

REUTERS:  Australian billionaire James Packer’s casino group Crown Resorts Ltd has agreed to sell its remaining stake in Macau-focused Melco Resorts and Entertainment Ltd for US$1.16 billion, ending its exposure to the Asian gaming hub.

Thai solar chicken a hot hit

AFP:  Not many chefs don a welding mask before they enter the kitchen, but Sila Sutharat prefers to cook his chicken sunny side up.

IMF tells eurozone to ease up on Greece over debt

AFP: IMF chief Christine Lagarde yesterday urged eurozone lenders to be ‘far more specific’ in their commitment to debt relief for Greece.

Rupee firms in lacklustre trade

REUTERS: Sri Lankan rupee forwards were slightly firmer in dull trading yesterday due to tepid dollar sales by exporters.

China agrees to open market to US beef, gas

AFP: Beijing and Washington announced yesterday an agreement giving US beef, natural gas and certain financial services access to China’s massive market in a deal highlighting the warm ties nurtured by their presidents.

Microsoft aims at ‘mixed reality’ with new devices

AFP: Microsoft this week debuted hardware for reaching into virtual worlds powered by its technology as it looked to ‘mixed reality’ as the next big computing platform.

Seafood exporters welcome efforts put in to regain GSP Plus

Sri Lanka faced a major setback in fish exports due to the EU ban and the removal of GSP Plus. 

VAT on telecom services hits Dialog as March profits fall 42%

The application of increased Value Added Tax (VAT) on telecom services has begun to bite into the revenues and profits of the country’s largest mobile telecommunication provider which has over 12 million subscribers, the interim results showed. 

Guardian Capital expands portfolio to Rs.367mn amid new investments

Private equity firm Guardian Capital Partners (WAPO), which was earlier known as Watapota Investments, expanded its investment portfolio to Rs.367 million at the end of the 2017 financial year, from Rs.221 million year-on-year (YoY).

Sluggish consumer demand hinders Singer Sri Lanka’s March performance

Singer Sri Lanka PLC has felt the brunt of the weaker economy at the beginning of the year as sales moderated and costs escalated as a weakened rupee and rising interests rates squeezed the margins of the country’s largest consumer durables retailer.

‘Ice age’ looms for China’s outbound investment: study

REUTERS: China saw a rapid acceleration of outbound direct investment in services and industrial deals in 2016, a study showed yesterday, but an investment ‘ice age’ is looming in 2017 as authorities crack down on capital outflows.

SL’s industrial activity expands in 1Q

The Index of Industrial Production (IIP), which measures short-term changes in Sri Lanka’s manufacturing activities, expanded to 105.5 during the first quarter of 2017 (1Q17).

Chinese buyers behind surging demand for SL’s latest bonds

BLOOMBERG: A surge in demand for Sri Lanka’s latest dollar bond is putting a spotlight on the appetite for emerging-market securities, even amid the Federal Reserve’s tightening campaign.

Jinasena launches solar irrigation systems to boost local agriculture

Jinasena (Pvt) Limited, one of the leading water management systems and solutions providers in Sri Lanka, has launched a solar irrigation system to provide a timely boost to the country’s agriculture sector.

First two lucky winners of Caltex Star Drive receive awards

The first two winners of Caltex Star Drive (Car and Bike Chase) received their brand-new Bajaj Discover 125cc motorcycles plus a year’s worth of free engine oil at an event held at the Chevron House in Colombo 3, on May 4th. 

Clogard Fresh Blast Gel activation brings North and South together

The festive spirit of the Avurudu season helps to bring people closer and Hemas Manufacturing (Pvt) Limited,  makers of Clogard Fresh Blast Gel,  used the season’s celebration to bring the people in the North and South closer in a truly fresh and novel endeavour that cut through the geographical distance and the ethnic differences.  

India’s top court rules tycoon Mallya guilty of contempt

AFP: Indian tycoon Vijay Mallya, once dubbed the ‘King of Good Times’, was found guilty of contempt by the country’s top court yesterday, after he was found to have sent his children millions of dollars.

Quality of governance affects development outcomes, reveals UN ESCAP survey

The United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) officially launched its flagship publication, the ‘Economic and Social Survey for Asia and the Pacific 2017’, simultaneously in 24 locations around the world, this week.

Macron victory ‘good news’ for trade-reliant Asia: IMF

AFP: Emmanuel Macron’s victory in the French presidential election is ‘good news’ for trade-reliant Asia as it eases fears of rising protectionism in Europe, the International Monetary Fund (IMF) said yesterday.

BoI and Int’l Trade Ministry host 2nd EU-Sri Lanka dialogue

The Development Strategy and International Trade Ministry and Board of Investment (BoI) of Sri Lanka conducted a dialogue with the European Union (EU) embassy and embassies of the EU representative countries for the second time.

Prices of essential goods drop, supply remains steady: Rishad

A steep drop in prices of essential items, sustained by steady supplies, has resulted in one of the best Vesak buying seasons for the Sri Lankan consumer, an Industry and Commerce Ministry statement said. 

NCE officials meet FinMin to discuss export related issues

National Chamber of Exporters (NCE) President Ramal Jasinghe, Secretary General Shiham and other relevant officials called on Finance Minister Ravi Karunanayake to brief him on the activities of the chamber for the current year, and also to discuss other export related issues of relevance in the current context. 

Hemas Vesak Lantern for 20th consecutive year

The Hemas Vesak Lantern, which is now a landmark at Braybrooke Place in Colombo since 1998, was ceremonially inaugurated by Hunupitiya Gangarama Temple Chief Incumbent Ven. Galaboda Gnanissara Thera on May 8, 2017. This Vesak Lantern will be on display till May 13 at Hemas House, No: 75, Braybrooke Place, Colombo 2. 

PF attends India’s Oceans Dialogue 2017 conference

The Observer Research Foundation (ORF) based in New Delhi, in association with the Government of Netherlands organised a conference in Thiruvananthapuram, India recently. 

PIM Alumni holds 2017/18 Chairman and Director Board installation

The PIM Alumni, the professionals’ association of the prestigious Postgraduate Institute of Management (PIM), affiliated to the University of Sri Jayewardenepura, recently concluded the official installation of its PIMA Association (PIMA) Chairman and Board of Directors for the year 2017/18, at Grand Oriental Hotel ceremoniously. 

Verité Research facilitates workshop for regional chambers and businesses

Last week, Verité facilitated a capacity building workshop for regional chambers of commerce and business associations in Sri Lanka, together with the Centre for International Private Enterprise (CIPE) and Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL). 

Sri Lanka’s foreign reserves dwindle to US $ 5.05bn

Sri Lanka’s foreign reserves this April slipped 1.4 percent compared to March 2017, to US $ 5.05 billion, just ahead of the government executing its plan to raise reserves to double digit levels by the end of this year.

Piramal Ceylon posts Rs.210mn net for 4Q

Sri Lanka’s only glass bottle maker, Piramal Glass Ceylon PLC, posted a net profit of Rs.209.75 million for its fourth quarter of 2017 (4Q17), slightly up from Rs.200.68 million  year-on-year (YoY).